By Cristal Cody
Tupelo, Miss., Sept. 9 – Triumph Group, Inc. priced $525 million of five-year second-lien notes (B3/B) at par to yield 6¼%, according to a market source on Monday.
The notes were whispered to price in the low 7% area.
The spread came at 476 basis points over Treasuries.
J.P. Morgan Securities LLC was the bookrunner of the Rule 144A and Regulation S transaction.
Proceeds will be used to redeem the company’s 4 7/8% senior notes due 2021 and to repay amounts outstanding under the company’s credit facility.
Triumph Group is a Berwyn, Pa.-based designer, engineer and manufacturer of aerospace and defense systems, components and structures.
| Issuer: | Triumph Group, Inc.
|
| Amount: | $525 million
|
| Description: | Second-lien notes
|
| Maturity: | Sept. 15, 2024
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | Treasuries plus 476 bps
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody’s: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Low 7% area
|
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